American Bankruptcy Code system, which constituted a model for the at-tempt to create a uniform legislation on insolvency within the EU and other parts of the world. This debtor-biased perspective shall increase the incen-tives for debtors to return with a “fresh start” after a bankruptcy. This view. Sections 33 to 54 in Chapter III of Part II of the Insolvency and Bankruptcy Code, lays down the law relating to liquidation process for corporate persons. The Insolvency and Bankruptcy Board of India has made the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, to regulate the liquidation. matters. The Code provides for application to be made to the appellate tribunal for an appeal against the order of an Adjudicating Authority. Insolvency and Bankruptcy Board of. India (IB Board) would consist of members including representatives from MCA, MoF, Reserve Bank of India and would regulate the appointment of insolvency professionals.